New Skies gets debt financing commitment from Deutsche, ABN Amro

By Sara Rosenberg

New York, June 7 - New Skies Satellites NV has received debt financing commitment letters from Deutsche Bank and ABN Amro to help fund The Blackstone Group's acquisition of the company for $956 million in cash.

Closing of the acquisition, which is expected to occur late this year or early next year, is subject to the receipt of financing and regulatory approvals.

"There are no details at this point on the transaction," a market source said regarding the debt financing. "Because of regulatory review, the transaction probably won't launch until a few months - late summer or maybe even an after-Labor Day event."

Equity will also be used to help finance the transaction, according to the acquisition agreement filed on New Skies' web site.

The Blackstone buyout has received unanimous approval from the supervisory and management boards of New Skies, according to a company news release.

Goldman Sachs & Co. and N M Rothschild & Sons Ltd. served as financial advisers to New Skies. Morgan Stanley and Deutsche Bank Securities Inc. served as financial advisers to Blackstone.

New Skies is a Hague, Netherlands-based fixed satellite communications company.

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